A new art-centric crypto asset is soaring after its surprise addition to global crypto exchange Binance.
The non-fungible token (NFT) marketplace SuperRare (RARE) jumped from $1.35 to $3.64 – a 169% price increase – after the announcement. The altcoin currently sits at $2.51.
The protocol features three primary components: SuperRare Spaces, which are community-vetted galleries, the SuperRare DAO which routes fees and commissions, and sovereign minting contracts where independent artists can mint their own tokens.
According to the Binance announcement,
“SuperRare is an NFT marketplace to collect and trade unique, single-edition digital artworks. Each artwork is authentically created by an artist in the network, and tokenized as a crypto-collectible digital item that you can own and trade.
RARE is the governance token of the platform and token holders can govern key platform parameters, allocate funds from the community treasury, and vote on proposed improvements to the network and protocol.”
When SuperRare began it was open to only a select few creators, but with the August release of the RARE curation token community members are now able to bring new artists into the fold.
As the platform’s Medium post explains,
“The RARE curation token will be used as the primary vehicle to onboard a growing network of curators, galleries, and collectives. We expect that the next great artistic talent will not be discovered by a gallerist or gatekeeper, but by the community.”
Calling itself “the future of art collecting,” Super Rare says artists should be paid in perpetuity for their work.
“Artists receive continuous royalties for all secondary sales on their artworks – forever.
It’s analogous to a musician receiving a percentage of sales for a vinyl record issued, say, in the 1960s and still being bought and sold in used record stores today.”
CoinGecko currently ranks the token at #191 with a market cap of $375,130,520. Circulating supply is 141,101,819 of a total 1,000,000,000.
Featured Image: Shutterstock/GrandeDuc